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Tax on bitcoin is as normal as you earn the profit and pay tax. There is no special tax needs to be paid on profit earned from bitcoin. Say you bought total of 3 lakhs and sold at 4 lakhs. So profit is 1 lakh. Now total income other than this is say 3 lakhs rs and you add 1 lakh of this profit earned so now you will have to pay tax on 4 lakh.
Which means 0 - 2.5 lakh is 0% and 2.5 to 4 lakh - its 5 % as per effective April 1 2017.
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I am looking for any Indian exchange that offers bitcoin at par with International rates and not at higher premium rates.
Do you also accept debit card/IMPS/NET BANKING as mode of payment?
There is no exchange in India which offers at International rates. That is meant for their respective countries but yes if you want to use them you need to pay a high amount of transfer fees while making payment and withdrawal. Else in India you can use any of the exchanges which support bank transfers. |
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Well yes but one good thing was that price rose quickly and dint went down or stabilized at 800 - 900 $ . Else people would have really lost a big amount. Now we will need to check if this price which is at around 1185 $ currently will it be able to sustain it.
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They must have made this claim when there was less number of withdrawal request at their exchange and now with increasing number of users,their withdrawal request must have increased as well.
They should now make it automated.
I don't think they should've made this claim at all. Because it's not feasible at all. There's no way to automate Fiat deposits & withdrawals at the moment. They have to be processed manually. Absolutely right. Its not feasible with the increase number of users across all exchanges in India. Well I think unless they do have quite a few staff who are just looking after withdrawals and deposits will be able to manage it else they will have to change the policy in coming time. |
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Neither I visited ASOCHAM nor would have received any answers because that was not the platform. More importantly it is the investors who invested their money in gainbtc should do that.
Well the above note was general and not specific to you. Also just imagine you had invested your hard earned money of years and invested in this scheme and you not getting returns so will you be waiting for the right occasion or will ask him either return the money or give the status of it? |
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Well how many actually visited the event which has just got over and Amit himself was present and he did presented in this event. You could have directly asked him all the queries you all had about this gainbitcoin live. Check the below link . https://bitcointalk.org/index.php?topic=1781521.0 |
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Was going though your website, can you provide the link where the management team, promoters, owners etc are listed on the site?
Is this registered any where and which laws its abide to?
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China is always blame for Bitcoin flutations. As all minning gear is made there, most pools and hashing power are there. Same as chinese hold most BTC.
Yes you are right, China hold the majority of the coins and their volume ideally decides the price of btc will be up and down. Any negative news from China will make the price of the coin fall. So is vice versa. If they decide to put a control on the coin etc then surely fall in the price is expected in coming days. |
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BTCXindia fees 1% .they deduct amt only 0.01 BTC at the time of purchase. There is no hidden cost.they only ask the transaction amount as per Indian (RBI) rules & regulations. Because, here in India they have restrictions for transferring payment between one account to account. So, their fees are acceptable. If you feel uncomfortable, just use some other coin exchange like zebpay.
Do you think Zebpay does not charge any fee then you are absolutely wrong. Zebpay have their own fee structure and it is also more or less same as any other exchanges. In terms of fees zebpay does not collect any amount. They directly have the spread between buy/sell. And that difference is their profit. Well this difference is so much that sometimes its more than 6000 per btc. Almost 7-10% around 1 btc. While fees charged by others is around 0.3 - 1.15 %  No you are wrong.I am not sure about percentage but they do deduct fee.Last time i sold 0.29 btc when the rate was 69k inr and they deducted 40 rs. This should not be the case. Check out bitcoinrates.in clearly it is 0% there. For example if you sold 1 btc @ 60000, you will get 60000 and nothing less than that. May be that 40 Rs is some withdrawal charges you may be saying about if they have so. |
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Got email from zebpay and now they have increased the minimum amount to deposit from 1000 to 5000 INR.
Although one can buy btc for 1000 INR also but if he still have to deposit minimum 5k INR.Ridiculous.
Zebpay will kill itself.
Yes that's is right that if you can buy for 1000 then why should I deposit 5000? Also I am not sure what is the withdraw limit? Then people will withdraw those 4000 and it will be more work for those guys only as they have to process 4000 unnecessarily . Good point.I think the minimum withdrawal limit is still 500 INR so those who want to buy btc for less than 5k INR,will deposit 5k and after buying btc of their desired amount,they will withdraw the remaining amount.But Zebpay will get fee again for withdrawing thier money. In a way this will help them to be more focus on higher transaction deals rather than small ones.
That will make difficult for a common man to buy bts because now they need 5k INR even for buying 1k worth of btc Well not sure if its wrong in anyway. Now they are growing and probably they have so much of work load and volumes in a big way that they would like to move out of small business which is not much yielding them . Say somebody buys 1000 Rs and some buy 100000. So they would like to serve 100000 person first and they have huge clients base who purchases and sell in bulk. In coming time they may still increase minimum buy/sell to 5000 as well. |
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BTCXindia fees 1% .they deduct amt only 0.01 BTC at the time of purchase. There is no hidden cost.they only ask the transaction amount as per Indian (RBI) rules & regulations. Because, here in India they have restrictions for transferring payment between one account to account. So, their fees are acceptable. If you feel uncomfortable, just use some other coin exchange like zebpay.
Do you think Zebpay does not charge any fee then you are absolutely wrong. Zebpay have their own fee structure and it is also more or less same as any other exchanges. In terms of fees zebpay does not collect any amount. They directly have the spread between buy/sell. And that difference is their profit. Well this difference is so much that sometimes its more than 6000 per btc. Almost 7-10% around 1 btc. While fees charged by others is around 0.3 - 1.15 % |
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Trustworthiness and poor service are two different things.If your service is poor and not according to industry standards,nobody is going to use it no matter how trustworthy and big name you may have.I hope such technical glitches and bugs should be fixed on priority basis Well it could be seen this way as well like if you become trustworthy which is the first thing for any business to be grown. And if you are trustworthy then automatically you will ensure that things are in pipeline and best and fast service is provided to customers so that they do not go to other competitors. Here it is one of the case itself and also we haven't heard yet other side of the story from Bitxoxo that due to which the payment was delayed. So let us wait for their comment. |
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Even I have used them in the past. Never faced any issues. But this time something seems fishy. No response on all communication channels
Did you checked with your friends if they are using this site and facing same issues. Because nobody on this forum yet have faced this issue. This should be for all if there is any issue being faced internally which does not seems so. Did you tried calling them? |
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CS - Well was just curious to understand that post demonetization there is being a significant growth on all exchanges so as per your model you earning is based on volume and no of users. So just for an idea what was the revenue in terms of fees in Jan & Feb. Also do you have other revenue generation other than fees for now?
Have not looked at totals collected as yet. Our biggest fee generator is the API at the moment. Lots of users try different scripts, etc and that seems to be leading the pack at the moment. If time and business permit, I would love to gamify the platform a lot more - add VIP points, add small priority fee packs that users can purchase from us. Also looking at drop rates, where users get some kind of random reward drops on certain transactions. Not sure mate.. Lots of places to work on.. should happen in time. For now, we working on revamping our UI in a huge way. Gonna finish that before the next bits come out. Thanks for the information and hope that CS is back the normal way with quick withdrawals and quick and easy to place and cancel the order. And you get new hires on time for the smooth functioning of the site and on development front. |
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Well this is the first time getting to know some negative news about Bitxoxo. Till now there was no trouble . I hope the team responds to the problem that is being faced by you and resolves it quickly and hope all is well within the Bitxoxo.
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Got email from zebpay and now they have increased the minimum amount to deposit from 1000 to 5000 INR.
Although one can buy btc for 1000 INR also but if he still have to deposit minimum 5k INR.Ridiculous.
Zebpay will kill itself.
Yes that's is right that if you can buy for 1000 then why should I deposit 5000? Also I am not sure what is the withdraw limit? Then people will withdraw those 4000 and it will be more work for those guys only as they have to process 4000 unnecessarily . Well but the reason is that "We've updated the limit to better serve our users and increase response time" . In a way this will help them to be more focus on higher transaction deals rather than small ones. |
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I would never compare Gold with bitcoin for a very simple reasons and a basic ones.
- Bitcoin is not accepted worldwide but gold is.
- Price of gold is stable and not like bitcoin
- Gold exists from decades but not bitcoin
- Gold will be present in future as well but bitcoin not sure.
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Not very sure if it will rise or not. For now price seems to be in dropping phase. Already @ 1190 $ per btc. Also Indian RBI dy governor have alerted against the btc for the risks involved. Also he directed that everything should come under policies and their framework so you can expect a control on bitcoins as well.
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I appreciate your concern. But please note that we are not exchanges. We hold stocks of bitcoins and we take a huge risk of price volatility. The stocks ensure that when you want to buy or sell bitcoins, you don't have to wait for sellers or buyers as on exchanges.
The spread reduces when bitcoin price is stable and goes up when bitcoins prices are volatile. - Sandeep, co-founder.
What risk? All your stocked bitcoin are from your users.You just facilitate storage and trade. You charge high fees for just placing a trade order.Fee should be deducted when order is successfully completed. Well I think you are unaware that say there are 50 users selling total 100 btc at one point. Now there are only 20 buyers who require 20 btc. So zebpay will buy 100 btc which all users have sold it and they will sell 20 btc which users want to buy. Risk is of 80 btc which they have bought it. But yes as price plums as well so they even rise too. SO ideally it will depend how much they hold at the time of increase/decrease. We all take this risk.There's no business without risk.Bitcoin has given huge returns in past few months. Everyone has right to make profit but unfair fees and selling at higher price than market rate is called unfair trade practices. Well I understand what you are saying but well they are also in business and to earn profits. Also there is no unfair trade practices being done they show you the price and if you interested you buy or sell it to them or else you can buy/sell to someone else. |
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We are over 300+ members now. The group is very active and members ranges from core bitcoin dev's, CEO's, traders, marketers and novice.
Is the actual trading also takes place in the group? Well 300 is a lot to say well done but again its worldwide members group and not country specific due to which the number are high. Hope the knowledge sharing would be happening regularly to help the new members. |
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